Ghana Considers Licensing Bitcoin Platforms to Enhance Oversight of Growing Crypto Transactions
Main Idea
Ghana plans to license Bitcoin and cryptocurrency platforms by September 2025 to regulate $3 billion in transactions and improve financial oversight, addressing unrecorded crypto activity affecting monetary policy.
Key Points
1. Ghana's central bank is preparing a licensing framework for crypto platforms to enhance oversight of $3 billion in annual transactions.
2. Bank of Ghana Governor Johnson Asiama emphasized the need for licensing to monitor crypto payments and improve economic data accuracy.
3. Ghana's crypto market saw $3 billion in transactions between July 2023 and June 2024, representing about 17% of regional activity.
4. Nigeria leads sub-Saharan Africa with $59 billion in crypto transactions, part of a $125 billion regional total.
5. Ghana's economy faces challenges like 13.7% inflation and a 28% policy interest rate, with crypto licensing aimed at stabilizing monetary policy.
Description
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